Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][12]. Core Insights - The company has demonstrated strong revenue growth, with total revenue reaching 830 million yuan in the first nine months of 2025, a year-on-year increase of 32%. The net profit attributable to shareholders was 330 million yuan, up 89% year-on-year [1][3]. - The company is a leading database product developer in China, focusing on original innovation and independent research and development, which positions it well to benefit from the ongoing development of the domestic market [3][4]. - The company has made significant progress in key areas such as domestic innovation (信创) and artificial intelligence (AI), enhancing its competitive edge in the database sector [2][3]. Financial Performance Summary - For Q3 2025, the company reported total revenue of 307 million yuan, an 11% increase year-on-year, and a net profit of 125 million yuan, which is a 76% increase year-on-year [1]. - The company’s R&D investment totaled 176 million yuan in the first nine months of 2025, reflecting a 24% increase year-on-year [1]. - The projected net profits for 2025-2027 are estimated at 486 million yuan, 632 million yuan, and 808 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 66X, 50X, and 39X [3][4].
达梦数据（688692）：业绩持续高增，信创、AI等布局不断取得进展